APRH vs. FLSP
APRH (Innovator Premium Income 20 Barrier ETF - April) and FLSP (Franklin Liberty Systematic Style Premia ETF) are both exchange-traded funds - APRH is a Options Trading fund actively managed by Innovator, while FLSP is a Long-Short fund actively managed by Franklin Templeton. Both are actively managed. Over the past 3 years, APRH returned 7.14%/yr vs 10.46%/yr for FLSP. At a 0.05 correlation, their price movements are largely independent. APRH charges 0.79%/yr vs 0.65%/yr for FLSP.
Performance
APRH vs. FLSP - Performance Comparison
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Returns By Period
In the year-to-date period, APRH achieves a 4.51% return, which is significantly higher than FLSP's 2.34% return.
APRH
- 1D
- -0.08%
- 1M
- 0.20%
- YTD
- 4.51%
- 6M
- 3.70%
- 1Y
- 7.67%
- 3Y*
- 7.14%
- 5Y*
- —
- 10Y*
- —
FLSP
- 1D
- -0.58%
- 1M
- 0.95%
- YTD
- 2.34%
- 6M
- 3.30%
- 1Y
- 15.79%
- 3Y*
- 10.46%
- 5Y*
- 8.49%
- 10Y*
- —
APRH vs. FLSP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
APRH Innovator Premium Income 20 Barrier ETF - April | 4.51% | 5.84% | 6.91% | 7.00% |
FLSP Franklin Liberty Systematic Style Premia ETF | 2.34% | 15.56% | 11.75% | 3.05% |
Correlation
The correlation between APRH and FLSP is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2023 | 0.05 |
The correlation between APRH and FLSP shifts across timeframes, from -0.09 (1 year) to 0.05 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
APRH vs. FLSP — Risk / Return Rank
APRH
FLSP
APRH vs. FLSP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Premium Income 20 Barrier ETF - April (APRH) and Franklin Liberty Systematic Style Premia ETF (FLSP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| APRH | FLSP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.47 | ||
| Sortino ratioReturn per unit of downside risk | +2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.90 | 1.30 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 6.36 | 3.94 | +2.42 |
| Martin ratioReturn relative to average drawdown | 21.49 | 11.39 | +10.11 |
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Drawdowns
APRH vs. FLSP - Drawdown Comparison
The maximum APRH drawdown since its inception was -5.87%, smaller than the maximum FLSP drawdown of -22.75%. Use the drawdown chart below to compare losses from any high point for APRH and FLSP.
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Drawdown Indicators
| APRH | FLSP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.87% | -22.75% | +16.88% |
Max Drawdown (1Y)Largest decline over 1 year | -1.21% | -4.03% | +2.82% |
Max Drawdown (3Y)Largest decline over 3 years | -5.87% | -6.69% | +0.82% |
Max Drawdown (5Y)Largest decline over 5 years | — | -9.52% | — |
Current DrawdownCurrent decline from peak | -0.20% | -0.90% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -0.21% | -6.26% | +6.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 1.39% | -1.03% |
Volatility
APRH vs. FLSP - Volatility Comparison
The current volatility for Innovator Premium Income 20 Barrier ETF - April (APRH) is 0.86%, while Franklin Liberty Systematic Style Premia ETF (FLSP) has a volatility of 1.74%. This indicates that APRH experiences smaller price fluctuations and is considered to be less risky than FLSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| APRH | FLSP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 1.74% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 2.09% | 6.77% | -4.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.40% | 9.08% | -6.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.54% | 13.35% | -8.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.54% | 13.48% | -8.94% |
APRH vs. FLSP - Expense Ratio Comparison
APRH has a 0.79% expense ratio, which is higher than FLSP's 0.65% expense ratio.
Dividends
APRH vs. FLSP - Dividend Comparison
APRH's dividend yield for the trailing twelve months is around 5.35%, more than FLSP's 2.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
APRH Innovator Premium Income 20 Barrier ETF - April | 5.35% | 5.49% | 6.87% | 5.90% | 0.00% | 0.00% | 0.00% |
FLSP Franklin Liberty Systematic Style Premia ETF | 2.59% | 2.65% | 1.18% | 1.19% | 2.18% | 1.19% | 8.08% |
Frequently Asked Questions
APRH and FLSP have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLSP has higher volatility (1.74%) compared to APRH (0.86%). In terms of maximum drawdown, APRH dropped -5.87% vs FLSP's -22.75%.
On 3-year performance, FLSP leads with 10.46% vs 7.14% for APRH. On fees, FLSP is cheaper at 0.65% per year. On volatility, APRH has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FLSP has performed better with a 10.46% return vs 7.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLSP is cheaper with a 0.65% expense ratio, compared with 0.79% for APRH.
APRH has the higher dividend yield at 5.35%, compared with 2.59% for FLSP.
APRH is categorized as Options Trading, while FLSP is Long-Short. They also come from different issuers: Innovator and Franklin Templeton. Their fees differ too: 0.79% for APRH and 0.65% for FLSP.
APRH currently has the higher Sharpe Ratio (3.22 vs 1.75), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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